After seeing the positive response for its products such as Vartaga Mitra, KVB Rice Plus and KVB Timber Plus, Karur Vysya Bank is targeting educational institutions with Edu Plus.
“It is a multi-pack product catering to the requirements of all connected with an educational institution, such as the institution itself, the promoters/trustees, faculty members, administrative staff and students,” KVB's Chief Executive, Mr K. Venkatraman, told Business Line .
He explained that the package would include multi-city current account (with monthly average balance of Rs 1 lakh) and term loans for construction of building, purchase of commercial vehicles for transportation of students and staff and purchase of equipment and furniture for the institution.
“We have tied up with Bajaj Allianz General Insurance for risk coverage for all assets of the institutions, including bank assets, with special tariff under the Combo Coverage Offer,” he said.
Asked about the risk involved in such a product, Mr Venkatraman said “we have tied up with a good number of institutions that are affiliated to renowned universities in the State. In view of the affiliation, we do not foresee much risk, although we cannot wish away risk altogether… We intend to roll out Edu Plus across the country,” he added.